Needham analyst Alex Henderson downgraded Okta to Hold from Buy without price target. The analyst continues to believe Okta is one of the premier names in cloud security, but he sees limited upside to the shares near term. Since coronavirus concerns triggered a 12% decline in overall equity markets, Okta has held up relatively well, down 8% over the same time frame, Henderson tells investors in a research note. Henderson views the stock's valuation as "overextended" is also concerned that the Street is modeling too much operating leverage into 2020, this making earnings estimates too high. As a result, the analyst sees "little room for improvement in valuation" and recommends waiting for a better entry point into Okta shares.